EGYPT – Cash for Microfinance, a subsidiary of Beltone Holding, has signed a cooperation protocol with Microfinanza Italia to launch a €2.2 million project (US$2.3m) to boost economic development and empower entrepreneurs in Egypt.
The collaboration aims to expand the scope of financial services available to startups and small businesses, enabling robust support through providing economic resources and technical expertise.
Nabil added that the project aims to establish business incubators as hubs for economic development, nurture entrepreneurs with unique ideas and innovations, and spread the culture of self-employment.
The comprehensive support will help equip startups with the resources and networks to navigate challenges, enhance competitiveness, and expand investments.
“The protocol continues our efforts to collaborate with international donors. This aligns with Egypt’s directive to support small and medium-sized enterprises,” said Morcos Nabil, CEO of Cash for Microfinance.
He explained that the project also aims to connect scientific research with industries, enabling a competitive knowledge economy and improving the overall business climate.
Alessandro Baroni of Microfinanza said that this collaboration will boost the financial services of Egypt’s entrepreneurs and startups.
Beltone and Comera Financial Holding, an Abu Dhabi-based group with assets in technology, fintech, and services, announced a partnership to promote digital transformation and improve customer experience in Egypt through knowledge transfer and the introduction of new digital solutions.
In February 2024, the European Bank for Reconstruction and Development (EBRD) announced that it would provide a loan of up to US$25 million to Egypt’s small and medium-sized enterprise (SME) sector through the Export Development Bank of Egypt.
The fund’s goal was to increase the availability of financing and boost the competitiveness of Egyptian SMEs and financial institutions by encouraging innovation in strategy, products, processes, and marketing related to private enterprise lending.
According to the latest Wamda report, Egypt came in second in the Middle East and North Africa (MENA) region in April, following the UAE, in terms of total investments dedicated to startups.
In April, Egyptian startups received US$8.7 million out of US$54.8 million invested in MENA’s startups.
Fintech was the most funded sector in April, with four firms raising US$25.7 million, followed by e-commerce, which received US$10.5 million.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy, and more. SUBSCRIBE HERE
